I tried it with different names for the font textures and it it works like a charm. The only funky thing I'm seeing is not an NGUI issue - but with the font creation tool. Even though the fonts sizes are exactly half the size of the higher res version, the spacing doesn't come out exactly the same when displaying strings at different resolutions. Looking through the font definition file, the values for character width and height are not always half of the higher res font. It's more than just rounding to the nearest pixel. For example, the 64-point "j" has a width of 25. The 32-point "j" has a width of 15.
Anyway, thanks for the help. Got me past the hurdle.